A Federal High Court in Lagos has granted bail in the sum of N20 million to Ezekiel Onyedikachi, popularly known as EeZeeTee, the former manager of gospel singer Mercy Chinwo.
He is facing charges related to an alleged $255,000 foreign exchange fraud filed by the Economic and Financial Crimes Commission (EFCC).
Justice Chukwujekwu Aneke, who presided over the matter on Friday, ruled that the bail must be secured with one surety who resides in Lagos and owns property equivalent to the bail amount.
Earlier, on Wednesday, the judge had temporarily released EeZeeTee into the custody of his legal counsel, Mr. Ojukwu Chikaosolu, giving the defendant 72 hours to fulfill the bail conditions.
The EFCC initially brought a 14-count charge against EeZeeTee, which was later amended to a seven-count charge centered on conducting foreign exchange transactions without proper licensing.
According to the prosecution, led by Bilikisu Buhari-Bala, the defendant engaged in a transaction worth $52,895 in June 2023 with one Mr. Oladotun Olaobaju Mureke, despite not being a licensed foreign exchange dealer recognized by the Central Bank of Nigeria.
These actions, the EFCC alleges, violate Sections 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, Cap F34, Laws of the Federation of Nigeria, 2004, and are punishable under Section 29(2) of the same Act.
EeZeeTee has pleaded not guilty to the charges.
The court has scheduled the trial to begin on June 20, 2025